GG News Bureau
Mumbai, 21st August. Byju Raveendran, Founder and CEO of Byju’s, assured employees on Tuesday that the company will address the delayed July salaries, despite ongoing legal and financial challenges. In a communication to staff, Raveendran pledged to resolve the issue swiftly, even if it requires him to incur personal debt.
The company, facing insolvency issues partly due to a legal dispute with the BCCI, recently saw a favorable ruling from the National Company Law Appellate Tribunal (NCLAT). However, the Supreme Court has since issued a temporary stay on this decision, hindering the restoration of financial control and complicating efforts to disburse salaries.
Raveendran defended the company’s record, highlighting that out of ₹3,976 crore disbursed as salaries over the past two years, ₹1,600 crore was personally funded by him. He emphasized that the allegations against Byju’s, including claims of it being a fugitive, are unfounded and that the firm has always been transparent about its financial obligations.
Despite these setbacks, Raveendran expressed optimism about Byju’s recovery, announcing plans to launch Byju’s 3.0, an AI-driven educational platform aimed at reducing costs and enhancing impact. He reassured employees of the company’s position as the largest global edtech platform, serving 150 million students monthly.
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